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Expense management has been an issue for American businesses, particularly as the pandemic crunched their finances this year. Digital spendmanagementtools could offset some of the damage.
If you really know the music industry , you know that many tour managers and accountants are barely a half-step removed from the glory days of the abacus.
Megan Mokri, CEO of Byte Technology , spoke to PYMNTS about how spendmanagementtools help keep delivery drivers for the company’s Byte Foods division from incurring debt on behalf of the company. It’s table stakes for anyone operating in an incredibly competitive labor market,” she said.
Today in B2B, trade finance technology provider Surecomp announces its newest marketplace partner, and Serko expands its expense management offering into North America. Plus, Suplari launches new corporate spendmanagement solutions, and PROS expands its Adobe partnership to help B2B business customers launch eCommerce operations.
It takes money to make money, but spending money in pursuit of that mission is often a mismanaged ordeal — that’s especially true in field-based services. Corporate spend solution providers are working to resolve this by empowering companies to trust field-based workers for making appropriate purchases as needed to complete jobs.
Businesses can access the full range of spendmanagementtools through the Payhawk platform, integrated directly with their ERP systems. The Mastercard integration is available starting today to all Payhawk customers in the U.S. and Canada using eligible Mastercard corporate and business cards.
There are many technologies that are gaining traction in this shifting environment, but virtual cards are emerging as uniquely poised to meet businesses’ need for flexible spendmanagementtools and employees’ demands for touchless payment options. About The Playbook.
As Joiner explained it, getting various stakeholders on board to institute a virtual corporate card, for example, or other spendmanagementtools — along with the great diaspora of the workforce — is a challenge. Yet there’s a wide gulf between considering the great shift to digital B2B payments and actually making the leap.
Classify and communicate the scope of unmanaged spend. Choose your tools — implement capable spendmanagementtools. Perform a spend assessment (implement tools with real-time insights and pullable reports). Automate the purchase requisition and purchase order approval processes.
It’s recommended to always incorporate some form of automation in any spend process or any spendmanagementtool to prevent sync errors and improve overall efficiency. How important is managing sync errors in the context of spendmanagement? In a word, very.
Collaborating with budget owners, procurement and finance leaders will be able to make better investment decisions for IT, marketing, sales and operations, doing away with the old method of working backwards to figure out spendmanagement in favor of data-driven insights to make predictive recommendations.
Sales are falling as consumers curb their spending, resulting in cash flow crunches that are pressuring businesses to stick to their budgets and pursue innovations. Managing Cash Flows During the Crunch. The pandemic is affecting consumers in myriad ways.
They expect mobile integration, rewards, spendmanagementtools — and perhaps most importantly, they expect card transactions to feel instant and seamless, regardless of the platform or marketplace on which they occur. Yet, consumers want credit cards to do much more today than they did in the early days of the industry.
CIBT corporate customers will now be able to access automatic reconciliation and better spendmanagementtools like data insights. They can charge specific amounts to the virtual cards for payment for visa services. Pete Fox , CIBT chief information officer, said the point is ease of access for travelers.
Every particular concern must be deftly managed within budget, too, which can be tricky when unforeseen expenses arise. Having the right spendmanagementtools is not a luxury in event planning but rather an element critical to success. Expense solutions also need to be transparent about where money is headed and why.
The B2B Workforce Spend Playbook: A Guide To Modernizing Businesses’ Everday Spend , a PYMNTS and Conferma Pay collaboration, explores the ways in which the demand for business spendmanagementtools are arising amid the transition to a remote workforce.
Customers now expect mobile integration, rewards, spend-managementtools — and perhaps most importantly, transactions that feel instant and seamless regardless of the platform or marketplace on which they occur. Building Better Together For a Digitally Shifted Future .
The new Workforce Spend Playbook highlights the lat est spendmanagementtools, expense cards and workforce management solutions that are helping SMBs and their field-based staff to maximize efficiency on the front-lines of service and on the back-end of accounting. About the Playbook.
Virtual solutions that can trace and track individuals’ spend and provide remote access to funds for critical supplies are perfectly poised for adoption in this new, digital-first home office ecosystem. Parpou said she believes that digital spendmanagementtools have the potential to become long-lasting.
Divipay is an expense management solution for accounting and finance leaders around Australia. Their all-in-one spendmanagementtool helps businesses issue virtual corporate cards to team members, gain better control over how budgets are being spent and streamline all expense reporting through Xero.
Acumatica Debuts Automated SpendManagementTools. Acumatica has launched the Acumatica Advanced Expense Management and Electronic Bank Feeds for the Acumatica Cloud ERP technology. Payments on the network are directed between institutions, while a middleman does not hold the funds.
.” – Christopher Juneau, Head of SAP Concur Market Strategy Predictive Analytics for SpendManagement Will Emerge “Organizations today have access to a multitude of financial data, but they lack the resources to make sense of it easily and rapidly.
and Italy, bringing its employee spendmanagementtools into new regions. The Series A investment was announced alongside the news that Accel’s Sonali de Rycher will also join the company’s board, and the funding will help Soldo expand beyond its key markets in the U.K. Corporate Accounting.
Managing these expenses requires flexible and easy spendmanagementtools, as on-site event planners must be able to meet these needs and more without disrupting such events, according to Christine Altieri, founder of event management firm AE Events.
Project managers and construction workers often have to manage their funds, operating budgets and other related expenses themselves, and losing track of any of these components can increase the time to project completion and final costs. A lack of access to spendmanagementtools can add further delays and expenses.
Paper-based spendmanagementtools may rarely be used, but some employers and employees still find themselves wading through thousands of documents to file cumbersome expense reports. To learn more about Sysco’s use of credit cards for more convenient expensing, visit the Playbook’s feature story.
Report: Spend Solutions That Drive Delivery’s Last Mile. The latest spendmanagementtools, expense cards and workforce management solutions, however, can help them and field-based staff maximize service as well as accounting efficiency. Fighting Food Waste The Digital Marketplace Way.
Drivers who are tasked with making deliveries as efficiently as possible need access to spendmanagementtools that help them move smoothly from point A to point B. Making sure those drivers are best equipped to do their jobs and deliver great service is critical to our success.”.
Supply chain payments company Tradeshift has announced a partnership with Wax Digital, a FinTech offering businesses spendmanagementtools. A press release issued Thursday (Nov.
Online spendmanagement software can be tailored to individual SMBs’ and employees’ needs, too, assisting the latter in reporting unexpected expenses or receiving answers to complex tax questions. Just 25 percent of them were reliant on manual systems in 2018, compared to 75 percent in 2015.
Companies must implement spendmanagementtools that can help them avoid this fate, and those solutions need to reduce frictions throughout the entire process — not just when employees file their receipts, and when they finally receive their funds.
While fleets are essential, operating a network of vehicles can be messy for many SMBs, especially when it comes to reimbursing employees for on-the-job spending. Workforce and spendmanagementtools are being deployed to scrub the inefficiencies from SMBs’ reimbursement processes.
In the April feature story, Kate Dischino, VP of emergency programs for Americares , explained how the organization’s workforce spendmanagementtools are professionalizing the nonprofit space, and helping workers focus on relief rather than financial reconciliation. About the Workforce SpendManagement Tracker.
These companies are now using workforce spendmanagementtools like corporate cards and reconciliation services to ensure both deadlines and client expectations are met.
GoExpedi connects businesses in the industrial and energy spaces with a B2B eCommerce platform, supplier sourcing resources, and spendmanagementtools. CSL Ventures, Crosslink Capital, Bowery Capital, Blue Bear Capital and existing backers also participated.
EedenBull, which is based in Norway, Scotland and Singapore, launched its commercial card platform in May to support financial institutions’ management of their own business cards and integrated rewards programs. Global Cash Card’s Legal Saga Ends.
Managing these expenses requires flexible and easy spendmanagementtools , as on-site event planners must be able to meet these needs and more without disrupting such events, according to Christine Altieri, founder of event management firm AE Events.
Brex integrates banking with its corporate credit card and spendmanagementtools, offering an all-in-one finance solution. All funds remain accessible for daily use, and Brex touts that you can earn around 4% APY on idle cash by automatically sweeping it into a money market fund.
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